Global business consultancy and outsourcing specialist Accenture plans to leave Bermuda to reincoporate in Ireland.

The company announced yesterday that its board of directors had unanimously approved the move, adding that Ireland "offers a stable political and economic environment and has the financial and legal infrastructure to meet Accenture's needs".

The company's Bermuda office address is Canon's Court, in Victoria Street, Hamilton, according to the company website. No-one was available for comment there after the statement was posted following the close of trading on the US stock markets last night. We were unable to ascertain how many people Accenture employs on the Island.

The big fear for Bermuda is that insurance companies, who are significant employers, will head to Europe too. Although Ace Ltd. moved its holding company from the Cayman Islands to Switzerland and Flagstone Re made Switzerland its operating headquarters last year, both companies have said that there has been no impact on their Bermuda payrolls.

Accenture, which has offices in 52 countries and serves clients in more than 120 countries around the world, is the latest in a string of corporations to have changed their domicile from Bermuda to either Switzerland, Ireland or the Netherlands in the past six months as US President Barack Obama has been declaring his intention to "shut down the tax havens". Others to have announced plans to depart include Tyco International, Tyco Electronics, Covidien, Foster Wheeler, Warner Chilcott, Weatherfield International and Transocean. None has been major employers on the Island.

Accenture's chairman and chief executive Bill Green said: "After a careful review, our board of directors has determined that changing our place of incorporation to Ireland is in the best interests of Accenture and our shareholders. We believe that incorporating in Ireland will provide Accenture with economic benefits and help ensure our continued global competitiveness.

"A member of the European Union, Ireland offers a sophisticated, well-developed corporate, legal and regulatory environment. It also has a long history of international investment and long-established commercial relationships, trade agreements and tax treaties with European Union member states, the United States and other countries around the world where Accenture does business.

"In addition, Ireland offers a stable political and economic environment and has the financial and legal infrastructure to meet Accenture's needs, both today and in the future."

The Supreme Court of Bermuda and Accenture's shareholders will be asked to approve the move "within the next three to four months". Accenture said it has a 40-year history as an employer and provider of services in Ireland. The company's clients in the country include the Irish government.